2012-10-27
2012-11-04
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of the richehe from tax statistics in early 20th century we neverc saw as large share of national income going to the richest. one in 1,000 households as we did just before the great recession. their share of national income quadrupled over this period to the point where they were pulling down about 1 in $8 in our economy. one in 1,000 households pulling down about 1 in $8 in our economy before the great recession began. >> you set one to try to solve three mysteries. who done it, who created the circumstances and conditions for the creation of a winner take all economy. and your answer to that one sentence is? >> american politics did it far more than we could believed when we started this research. what government has done and not done and the politics that produced it really at the heart of the rise of an economy that has showered huge riches on the very, very, very well off. >> it's politics, stupid? >> exactly. >> and how did they do it? >> through organized combat is the ort answer. >> and why does they do it? >> because they could. because the ortransformation of the political organizat

have less than two months to steer clear of the fiscacliff-- the combination of tax hikes and government spending cuts scheduled to take affect in january. our market monitor this week says plan now for higher taxes soon, and higher interest rates eventually. duncan richardson is chief investment officer at eaton vance management. he joins us from that firm in boston. duncan, i take it you're a pessimist in regards to avoiding the fiscal cliff that we're going to go over? >> not really a pessimist. i think the fiscal cliff is going to be more of a fiscal slope, but there will be a tax element to it. i think because we're starting at such a low level of tax rates, we're very likely to have higher taxes either immediately with the expiration of the payroll tax and potentially on capital gains and dividends in 2013 and beyond. >> tom: how should invests approach that, invest on what tax rates may be next year? >> not really. but there are great costs to be avoided by lessening the tax drag on your investment. positioning your portfolio and making sure you're in sthooks can ou

has paid much attention. but unless nothing is done before january 1st, we are going to see taxes rise on most people because that's the end of the payroll tax cut that president obama and congress agreed to. that also means that the end of the bush tax cuts, not only for people over $250,000 of income, but also everybody else who were to some extent, their taxes were also reduced by the bush tax cut. the alternative minimum tax, that also would kick in. there's no alternative to the alternative minimum tax on the table. so you have the typical family after january 1st seeing a tax hike in the range of $1500 to $3500 for the year 2013. now, i expect congress is going to do something, if it doesn't act before january 1st, it's probably going to act sometime in january and then make what they do retroactive to january 1st. >> all right. looking at the long-term and the short-term. we're going to know what those jobs numbers are tomorrow. great to see you, as always. thank you. >> thanks, thomas. >> so just to point out again, we are awaiting for live remarks from the president as he dise

with the increase taxes that we would see, do you reversed. as well as the deep defense cuts, which is something that would really impact the area dramatically. george mason and stephen fuller, one of the preeminent economists in our area said the defense cuts could cause a recession in virginia and almost double the unemployment numbers. bridget has been several -- rigid has been scary -- very successful in having a low unemployment rate. jobs is the number one priority. that is why we are very courageous that the numbers of supporters in for mitt romney this year. >> does your canada have to win the county to win virginia? guest: i don't know we have to, i expect we will. it was only a narrow margin that president obama won loudoun, the last time and it really was an aberration. virginia republicans have been winning loudoun county in 2009 when governor bob mcdonnell won this area, and then in 2010, of course our congressman frank wolfe, he is extremely popularhe is of course on the ticket this year. he always wins resoundingly. in 2011, we swept all of the state and local seats here in this y

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to nothiprognosticati melber, neera tanden, kate ton dawson. let's start with the tax plan. if there is something i believe mitt romney is invested in doing, it is the tax plan. he claims it is revenue neutral. >> you have to claim certain things. this goes for both sides. there is this thing called business cycle. this is what we study. in a free market economy, recessions and recoveries, upswings and down swings are part and parcel of the world we live in. when you look at how budgets are proposed, off of the congressional budget office projection. they are not that realistic. in 2014, 2015, 2016, they are projected real gdp growth of 4.4%. sounds pretty good. how realistic is it? if you take a look at reality, what's happened since the beginning of the century? gdp has grown at 1.7% and we know we are in a pretty sluggish economy. there is a huge disconnect between what's proposed and what's going on outside this window? >> that's the big deal. the claim is, i'm going to go in and cut taxes. don't worry, cutting taxes is going to be stimulative. we are going to end up with way more jobs and ther

giving as much time and space and not tax can the resources, president obama went to the head of the federal emergency management office for a bit of a status report. mr. romney does not enjoy that power of incumbency but every hour lost to sandy is precious time that neither of these campaigns can really afford to give up. ohio has been an obama advantage in the polls for many, many days. romney campaign say they have caught up. new poll out from ohio, consortium of newspapers that mr. romney's momentum is not an actual tie at 49-49 apiece. >> harris: carl cameron, literally from the road. once again we'll carry that event live in ohio with governor romney and paul ryan coming up. >> gregg: sit down and put on your seat belts. making me nervous. >> massive cover-up or incompetence? very strong words from senator john mccain on the administration's handling on the attack on the u.s. consulate in benghazi libya that killed four americans including our u.s. ambassador. mrz lawmaker calling for the immediate release of all surveillance video gathered during that deadly attack. na

of appearances. i'll tell you, the crowd behind me is getting excited, ashleigh, because air force one is taxing over towards us where president obama is going to be coming out shortly and making his remarks. yes, paul ryan has been an asset to governor romney. it's why some are saying the race here has been pretty tight, although there is a small lead, a consistent lead, for president obama. today we saw "wall street journ journal" nbc news poll, three points up the president is here in wisconsin. yesterday there was a poll in milwaukee, a marquette university poll that had the president up by much more, eight points. you talk to the obama campaign, they'll point to that marquette poll and they'll say it's more accurate. it seems likie internal polls ae in between the two. the bottom line, while he has a lead that is significant, you have to pay attention to it, it's not quite comfortable. that's why you're seeing president obama here today. we saw joe biden here last week. but paul ryan was here yesterday. mitt romney will be here tomorrow. bill clinton last night and this morning. there is a

companies from hiring right now because the uncertainty about tax treatment of assets, of investments and so forth. don't you along to congress more than you do the executive branch to try and get something done as far as job growth goes? >> well, that's what the president tried to do last fall by introducing the american jobs act. you're right. i think extremists in congress blocked the ability to get the economy going again through investment in infrastructure, roads, bridges, and schools. everybody knows that needs to be built. we just witnessed it in the northeast. so we think there needs to be a major investment in infrastructure so that we can compete globally. i think it's really important for corporations that it are sitting on $5 trillion of profits to get their investment bank into securing the middle class in this country. i trust that this president is going to make it happen. >> they're not going to do that, though, if they feel that, you know, their taxes are going to go higher, their health care expenses are going to go higher. the president has not been able to get the two si

the totally unimpeachbly nonpartisan and widely respected tax policy center did a report that concluded that mitt romney's tax plan would be great for rich people, and would hurt everybody else, the romney campaign's response to that was to go guns blazing against the nonpartisan tax policy center. just attacking them as an institutions. you don't like the message, shoot the messenger. last month after the bureau of labor statistics announced that the unemployment rate was going down, do you remember what the response was on the right? the right started attacking the bureau of labor statistics, as if they were the problem, because they said the unemployment rate was going down. it used to be that democrats and republicans would argue about how best to deal with some factual thing, some problem facing the nation. now, republicans do it differently. they do it differently than everybody else. this is not a mirror image problem on both sides. republicans do a specific thing. they refuse to acknowledge that a factual thing is a factual thing. and this phenomenon on the right, that we got so

. as governor, he tried to cut funding for public schools. in washington, allen voted to end tax deductions for college tuition. and now, a budget plan that devastates k-12 classrooms-- all to pay for even more tax breaks for the wealthy. seiu cope is responsible for the content of this ad. imillion dollars for maryland one hundred schools.ty... question seven will double it. rushern baker: question seven will add table games and... a new casino, generating millions of dollars... every year, without raising taxes. leggett: and audits will ensure the money goes... where it's supposed to. more jobs, and millions for schools. baker: question seven will be good for our kids... our teachers, and our schools. leggett: keep maryland money in maryland. baker: please vote for question seven. leggett: vote for question seven. >>> the coast guard says a woman who was rescued in the atlantic after abandoning a tall ship in rough water has died. the 42-year-old woman was unresponsive when the crew pulled her from the water off cape hatteras last night. they are still looking for the captain. the hms bou

to taxing gun owners for health care costs. >> the president's david axelrod betting his own mustache on a win in minnesota. he might not want to see the polls. ♪ [ female announcer ] introducing u the latest coffee machine from nespresso. modular. intuitive. combines espresso and fresh milk. the new u. nespresso. what else? available at these fine retailers. can you help me with something? nope! good talk. [ male announcer ] or free windows training when you buy a computer at staples. anotheway staples makes it easier to upgrade. i honestly loved smoking, and i honestly didn't think i would ever quit. [ male announcer ] along with support, chantix is proven to help people quit smoking. it reduces the urge to smoke. it put me at ease that you could smoke on the first week. [ male announcer ] some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. if you notice any of these stop taking chantix and call your doctor right away. tell your doctor about any history of depression or

city in the east bay is trying to tax sodas to combat obesity. if the initiative passes it will be the first in the nation but not everyone thinks it's a good idea. cbs 5 reporter mike sugerman with reaction on the new controversial measure. mike. >>> reporter: well, allen, this coca-cola may as well have a bull's eye on it but it's not just coca-cola. some kinds of chocolate milk, orange juice, anything with add sugar or high fructose corn syrup. they want to tax it. >> reporter: a little red wagon carrying 40 pounds of sugar has captured national attention in richmond. >> 40 pounds is the amount of sugar that each of richmond's children take in just from sodas alone every year. >> reporter: richmond city council member jeff ritter man who is also a heart doctor is the heart and soul of measure n. it would tax businesses a penny an ounce of sugary drinks sold. it would be the first of its kind in the nation. >> a third of our latino and a third of our african-american students are obese and another 20% are overweight in each group. those young people are going to die yo

. and when he had his tax releases released, that showed that he was more generous than any of the other candidates, then obama himself. host: wanda, thank you. anyone else who wants to watch mitt romney, you can see him tonight on c-span. we will be airing his appearance and the romney-ryan tour in west chester, ohio at 7:30. you can catch up with about on c-span and c-span radio. i should note that obama will be holding a campaign rally in hillard, ohio at 10:20 this morning. a contest that on c-span and c- span radio. the paper today focusing on those swing states as we know -- the tribune -- the washington bureau notes that florida is a renewed focus in this election, at this point with polls now a dead heat. romney campaigned in florida, returned wednesday for rallies and tampa, miami and jacksonville. he is expected over the weekend to go back. for obama, victory in florida is a prize. for romney, it is a necessity. debates about whether romney can carry ohio or other midwestern battleground states become moot without a win here, experts say. the "new york times" focuses on pennsyl

the largest budget surplus ever in history. it's going to make it possible tor us to cut taxes for every hoosier. but jon, you just said we pay for things in indiana. but when you were speaker of the house, for five of the six years you were running the state house, indiana ran deficits. when mitch daniels came into power indiana was $700 million in debt and had a deficit of $820 million. facts are stubborn things and i'd like to knoll how are we going to make sure and preserve the fiscal integrity of the state of indiana. >> if you had spent the last 12 years here you'd know our budget has to be balanced. i produce balanced budget t and they were supported by our own lieutenant governor. i find it laughable that a united states congressman would lecture anybody about fiscal responsibility. you voted five times, congressman, you you voted and the results increased our deficit by $200 billion with a b dollars. >> find key house and governor races on c-span campaign 2012. >> an update on hurricane sandy coming up at about 2:30 eastern which up until then with an election a few days away a

about the electric sportscar funded with your tax dollars. >> remember the video of if is kerr karma going up in flames? there are reports hurricane sandy sparked fires in about 16 of the hybrid cars. they say they burned to the ground in new jersey after getting submerged in water. the auto maker says it is investigating. if if is kerr had a $25 million loan guarantee by the obama administration. >>> they have done more to help immigrants than americans. that is a report that will be given by the center fof immigration studies. 2 out of 3 million jobs went to legal and illegal immigrants. >>> hurricane sandy wiping out entire towns along the jersey shore. this is a look at the boardwalk in atlantic city. look at the before and the after. after sandy hit and before. many people at a loss for words of what was done to their homes and now they must rebuild along the jersey shore. at least 50 feet of the historic boardwalk taken out initially. jennifer davis is live with a look at the damage done there. >> good morning to you. it very much feels like there's a state of emergency in new

new level last week when it was revealed that a nonpartisan tax report was withdrawn by a federal agency because republicans protested its findings. the federal agency in question here is the congressional resource service. they're kind of the gold standard. congress's internal think tank. members of congress have a question about policy or issue, they look into it for them and they issue a report in response to a member of congress asking for that report. the congressional research service is as nonpa parpartisan gets in washington. and a little more than a month ago, they issued a report on tax policy. they found there is no connection between lowering the tax rates on millionaires and billionaires and creating economic growth. there's no evidence that if you cut taxes on the rich that that makes the economy grow. that's a problem because that is essentially mitt romney's whole reason for living. this is the republican party's economic reason for existing. if you cut taxes on the rich, the job creators, that will jump start the economy. this is the whole basis of the party' econ

in stafford county. manhunt underway for a man making pipe bombs and using them in a tax. lauren spierer accused of three peoplee attacks against with close ties to law- enforcement. brianne carter is live in latest on thethe search. using a pipe bombs in .ttacks >> authorities are still aggressively searching for the virginia state alert for thean they believe is armed dangerous. a multistate man want is ongoing old, nowr the 25-year- charges after out of three pipe bomb attacks. >> of violent crime like that, never had that around here. it's early tuesday morning april pipe bomb into a fredericksburg home, blowing a hole in the rules. the alleged crime spree continued in stafford where he bombed two more homes. investigators believed two of incidents target in stafford county , virginia state issued a blue alert, a suspect targeting law-enforcement. >> this guy is extremely dangerous. we believe he has explosive devices and is traveling with. >> this man lives down the from one of the targeted homes. >> i heard a loud bang while i was sleeping and it woke me up. >> on a website belongi

drink debate. >>> new at 10:00, voters will decide whether to tax residents on soda and other sugary drivens. noelle walker is live where the debate is between your waste line and your bottom line. >> reporter: the no on measure n are paying for billboards popping up all over the city. tonight the no on measure n people are trying to convince voters that a yes vote would be bet every for their health. sodas and fruit drinks are popular, accessible and relatively cheap. if measure n passes drinks would cost a penny more an ounce. >> init's a regressive tax that hurts the people that can least afford it. >> reporter: taás one of the arguments the coalition against the beverage tax is making the group spent $2.5 million to put up billboards and hire san francisco media firm, chuck finnie is their spokesperson. >> it's going to result for higher grocery bills whether or not they drink soda. >> reporter: without billboards the yes on measure n people are relying on town hall meetings like this one tonight, word of mouth and information on the impact on health because of sugary drinks. th

deficits and debt under control. the good thing is there's a forcing mechanism. the bush tax cuts end at end of the year. we have the sequester looming. that wouldn't be the right way to do thing, takes a machete to something as opposed to a scalpel. after the election both democrats and republicans say this is something the country wants to solve. if i've won, then i believe that's a mandate for doing it in a balanced way. >> congresscomwoman if the president wins will they have to budge to raise taxes for the super wealthy to take care the debt? >> i think it's interesting to listen to his comments. basically the president's ideas on how to deal with an economy are an empty binder, if you will. we have brought forward item after item and suggestion after suggestion and bill after bill. we've passed bipartisan legislation in the house, and the senate won't take it up. what we need to do is make certain that we extend the bush tax cuts. we also want to go about closing some of the loopholes and primarily we have to cut federal spending. federal spending is completely out of control an

, perhaps, in damages. that's an extreme weather tax that's going to have to be paid rather than trying to avoid the worst consequences, which would be a much better pathway. >> there are other politicians who have brought this up. let me play a couple clips from the last few days. >> anyone who says there's not a dramatic change in weather patterns i think is denying reality. i would like to say that this is probably the last occurrence we will have. i don't believe that. >> what is clear is that the storms that we've experienced in the last year or so around this country and around the world are much more severe than before. >> so if this is just the start, if it's going to be more of the same, what is your priority short term, and what do we need to be looking at long term? >> well, the american people, they're concerned about mother nature. the republicans, mitt romney, they're concerned about the oil companies that are largely fueling the independent expenditures which are going into this presidential race. this frames the election on tuesday very well. on the one hand, mitt romne

it without massive tax increases. in a way that helped the people of the state create more jobs. he did it with overwhelmingly in a state where democrats controlled the legislature. he brought people together. he can do exactly what the president promised he would do four years ago and has failed to do on the economy and bringing people together. mitt romney can do it. he's done it in the private sector and as a chief executive at the state level. he can do it for america. and i think in wisconsin, iowa, ohio, we respect that and we want that from our leader. >> and one last quick one. i'm not going to ask you about ohio. everybody does and i'm not. i want to though about iowa. rasmussen likely voters today. romney 49, obama 48. i don't think the republicans have carried iowa since 1492. can you actually win in iowa? this could be huge. >> i think so. i just -- on a person a note, i was born in colorado springs, i lived in iowa until i was in third grade and spent the rest of my life in the great state of wisconsin. i lived in now 00 third of all the battleground states in america. and

in sharp relief. on one hand, tax cuts for the wealthiest. on the other hand, disaster relief for you and your family when you need it. very clear. i want to tell you that my heart goes out to the people in new york and up and down the atlantic seaboard. i don't doubt that the republicans care about our fellow americans too. but it's not just a matter of private charity. government has to be a part of this. government has to play an important role, and i think that this is a decision point. you know because people might say it's not right to make politics out of this, but let's face it, we're making a political decision in a few days and this is exhibit-a in which way this should go in my mind. >> eliot: it's about the debate in the role of government. >> right. >> eliot: this is what we should be doing, in context of this that frames what the are. as you pointed out private charity cannot deal with the enormous arm of suffering nor can charity build the infrastructure that we need to prevent it, whether it's a levy or subway system, and the republicans will be cutting left right and

voted to end tax deductions for college tuition. and now, a budget plan that devastates k-12 classrooms-- all to pay for even more tax breaks for the wealthy. seiu cope is responsible for the content of this ad. >>> the jersey shore is another hard hit area. water flooded homes, businesses, streets, everything up there. nbc's danielle leigh is about 100 miles south of there at cape may. daniel danielle, what's it looking like there now? >> reporter: right now all of those rains i was standing in yesterday have been replaced by heavy, heavy winds. we are getting tossed around out here. when we were inside our hotel, it sounded as if we were going to lose some windows. sounded like banging and claterring around. if you take a look, all the boards have held. that's a lot better than other communities can stay. parts under water. when you take a look at this video of damage across the new jersey coast, we're talking about streets under water, downed power lines, downed trees. and this is just the damage we've been able to get a look at. when the sun rises, we'll be able to get a sense of th

no new taxes, no matter what. but most importantly, when people say president obama had the first two years and everything, the most important thing he had was the filibuster used against him more times on this president than any other president in history. but i still believe, after all those obstacles, we still are moving forward, and there's no way we want to start all over and go back. host: leroy, thanks for the call. the lead story in this morning's "new york times," consumers push economic output to a gain of 2%, better than expected. housing recovery and defense orders also fueled the third quarter. host: back to the phones. rebecca is calling us from cincinnati this morning. she's on our line for republicans. she's optimistic. go ahead, rebecca. caller: yes. the season will grow due to the fact that i heard over a month ago that wal-mart for christmas would be training in october 50,000 people, 40,000 for kohl's, and all the other stores take into consideration. this is just a temporary 2%. my problem is this. this president had nothing -- i don't care about race, color, or c

, to tracking sales and expenses, quickbooks can help you manage... every detail of your business. and at tax time, all your records... will be automatically organized and ready to go, saving you time on prep work. quickbooks, guaranteed easy or your money back. learn more and get your free 30-day trial today... at tryquickbooksfree.com. >>> how did "the des moines register" rewrite its endorsement of a obama presidency four years ago into an endorsement of a romney presidency now? by magical thinking. by adopting mitt romney's magical thinking. after saying, quote, the president's best efforts to resuscitate the stumbling economy have fallen short, the editorial then says that the problem with the economy is the consumers have to feel more confident. and without giving a single shred of evidence as to why consumers would feel more confident with a romney presidency, the editorial board simply believes it will happen. that's it. it will happen like magic. consumers must feel more confident about their own economic futures to begin spending on the products and services that power the economy.

's willing to raise taxes on the wealthy. and to reduce the military budget down to the level that the -- that the military has requested to pay for it. so this is a very serious matter. as i spent much of my volunteer time working with disabled veterans. in fact, i'm a disabled veteran myself. not very disabled but i have that classification. i intend to devote about half my time working with them and i'm very worried about the budget. >> eliot: sir, i say thank you for what you do, not because you're endorsing president barack obama. regardless of partisanship, what you do. you deserve the public's thanks for it. wrapped up in your answer were a multitude of reasons to support the president. one of them was interesting, you are a supporter of the military said you know what? mitt romney wants to increase defense spending almost without limit. and yet the president is willing to make the hard but smart decisions based upon what the military needs. that seems to go to a fundamental decision, explain that a

of americans. his companies shipped jobs overseas. his plan cuts millionaires' taxes, but raises yours. he'll voucherize medicare... and make catastrophic cuts to education. so remember what romney said... and what his plan would do. president obama: i'm barack obama and... i approve this message. >>> welcome back to our live team coverage now of hurricane sandy. one of the biggest threats from this storm is the strong wind. which has taken down trees all over the place. the winds are gusting and they're expected to pick up in the d.c. area into this evening. >> news4's jackie bensen is live in mclean, virginia, where another tree fell on the house while the family was inside. are they okay there, jackie? >> reporter: they are okay. but it fell during a play date. so the homeowners had a bunch of kids in the house. always a disturbing experience. luckily, we have video to show you, their neighbors came to the rescue, and actually with no heavy equipment except somebody hooked up a pickup truck they managed to pull the tree off the house. they did have the slate shingles and stuff like that

to give tax breaks to companies... that ship jobs overseas, his economic plan would... help big corporations, devastating the middle class. allen even voted against tax breaks for small businesses.

put forward a carbon tax plan early in the administration, but that ended up floundering in congress -- put forward a carbon cap plan. he has done other things in terms of increasing auto fuel efficiency, things in terms of back door, policies, but he clearly has not taken on this problem the way he had promised to back in 2008. >> you have written about the need for more research into climate change so that we can understand where these storms come from, but also more comprehensive response from america in terms of dealing with its infrastructure. we have seen the infrastructure problems caused by hurricane sandy. >> that is clearly true. you have 3.7 million americans who live within just a few feet of high tide. those are the people who are always vulnerable when you have a big storm like this one. you have new york city youth -- losing huge parts of its infrastructure, losing electrical service, losing subways because they were flooded. it is not just a matter of trying to prepare in the sense of being able to respond to the storm, but thinking about how we build cities and elect

as such but for this local franchise owner they need to have a talk with them. >> thank you. >>> the governor's tax hike proposal is slipping in the polls. now an enormous amount of money is flooding in from out of state that could sing sink prop 30. cbs 5 political reporter grace lee reports. >> reporter: this fight centers around a mysterious $11 million donation that came from arizona last week. it was given to defeat prop 30. he is not happy about it and he vows to find out who is behind the money. >> they may be from anywhere. i don't know where these people are from because they're hiding. they're wearing masks. people like to run around in hoods because they don't want people to see who the hell they are. the state of california is going to court to unmask these people. >> reporter: strong words from the governor today at the naacp convention. though he later clarified that he didn't necessarily mean to refer to the ku klux klan. >> no. what it is, is, that when people do things, sometimes they don't want to be exposed for what they are doing and this arizona organization says they are in busines

, brought taxes down 19 times, made our state more business friendly, and a $3 billion budget gap became a $2 billion budget surplus. or a rainy day fund. accomplishing change is not something i just talk about it is something i have actually done. we need to have someone in the white house who cannot just talk about it but who can do it. paul ryan and i plan on putting in place real change from day one. across america, people have talked about our five-point plan. we will take full advantage of our energy resources: coal, oil, gas, nuclear renewables and review our regulations to make sure burning coal is done clean but not kill the industry like the epa has done. we will double the number of permits on federal lands and federal waters for drilling and oil and gas. day one we were take steps to get the pipeline from canada built. we will get north america on track to be energy independent in eight years. that means less cost to fill up the tank, less cost to heat your home. and if you are cutting steel and bending it, it take as lot of energy the manufacturing cares deeply about the cos

companies shipped jobs overseas. his plan cuts millionaires' taxes, but raises yours. he'll voucherize medicare... and make catastrophic cuts to education. so remember what romney said... and what his plan would do. president obama: i'm barack obama and... i approve this message. ♪ ♪ [ male announcer ] combine the pnc cashbuilder visa credit card with a qualifying pnc performance select checking account and earn 75% more than cards earning 1% cash back on almost everything. >>> it was a nightmare scenario for firefighters. flames raced through tightly packed hoernlgs many occupied despite the mandatory evacuation order. to make it worse, the neighborhood was surrounded by floodwaters. this happened last night in queens. sandy ravaged new york. firefighters waded through to fight the flames. in some areas, the water was chest high. as many as 100 home were damaged or destroyed. it is not yet clear what started the fire. >> absolutely horrible there. with trees and tens of thousands of people without power here. lots of you have been writing in with lots of questions about how to dea

a lot about them. >>> reporter: >> redistricting, state tax law, and budgeting cycles are not hot button issues and they are not easy to understand. >> reporter: they're not exciting and sexy. >> no, they are not exciting. they're not sexy. >> reporter: but they are important. let's start with proposition 31. vote yes and it would change the legislature's budget cycle from one to two years. supporters say it would allow local governments more planning time because they would know in advance how much money they get. and in gives the governor the power to reduce spending if there is a budget emergency. opponents say it's unclear what would really happen if this measure passes because the budgeting process is so complicated. money is at the heart of proposition 39. vote yes and it forces multi- state businesses to pay more in taxes based on their california sales bringing the state an extra $1 billion a year. >> yes. this is actually a way to close a tax loophole. it would bring revenue to the state. the polls show that it's likely to pass. >> reporter: opponents warn, though, prop 39 could

to washington. >> another $5 trillion tax cut that favors the wealthy isn't change. >> no! >> turning medicare into a voucher is change, but we don't want that change. oveeporter: the president's iveedule over the next five days tells you a lot about his mpaiaign strategy. he'll be spending a great deal of time in ohio and wisconsin, trying to build a midwest firewall to prevent governor romney, scott, from getting 270 electoral votes. >> pelley: well, nancy, governor eymney went hunting for votes today in another swing state, virginia. snd jan crawford is covering his campaign. mp we really can't have four more years like the last four re ys. i know the-- the obama folks are chanting four more years, four fre years. rut our chant is this-- five more days. >> reporter: at a rally in virginia, a campaign cheer was also a reminder of how little time is left. >> five more days! ore more days! r reporter: before the y hadcane, romney had momentum. the race was in a dead heat, and he was tied or within striking distance in battleground states. but the storm knocked him off the front pages at a cru

of the whistle-blowing greek journalist charged after trying to expose wealthy tax avoiders. he tells us why he acted. >> the government has lied and have made a mockery of the greek people with this list. they were obliged to pass it to parliament or to the justice system. > w i'm david eades. also coming up in the program -- how does china spread the wealth? we reflect on one of the great challenges facing the next generation of leaders. and from action man to a man of inaction, does this latest stunt explain president putin's bad back and the cancellation of appointments? >> hello. thanks very much for being with us. millions of americans are grad weight waking up to a third day without power as they continue to count the cost of the superstorm, sandy. within the last hour, new york's subway has resumed a limited service at least. elsewhere, transport and infrastructure remains is he severely affected. today, 70 people are known to have been killed during the storm. on a visit to one of the worst affected areas, new jersey, president obama promised senior officials in all the affected states

and myself. and i need [ inaudible ]. >> he's going to cut everybody's taxes 20%, and how are you going to pay for that? we just were told the debt was the biggest problem. if you have a hole to fill, would you dig it deeper before you filled it? >> president clinton and mitt romney still out on the trail today firing up crowds across the battleground states trying to keep their supporters focused on the upcoming election while national attention turns to sandy and the steady progress and joining me for our daily fix is chris cizilla and managing editor of post politics.com. and chris, while this is a complete alteration of the campaign, you've got mitt romney canceling -- one more event in iowa and then cancels tonight in wisconsin, cancels all of tomorrow as does paul ryan. and they have to adjust to, you know, what is the right tone, how do you handle campaigning in the midst of this national disaster? and the president dropping everything and heading back. >> it's -- it's an amazing thing, andrea. obviously there are broader concerns here than the political ones. on the political fr

was that he favors a progressive tax policy, taxing those at the very highest rungs of income a little more to provide a little more help to those on the bottom rungs. "the des moines register" has now abandoned that as a reason for choosing a president. the editorial board has abandoned it in favor of this lie. there is not a lot of difference between the two candidates' short-term economic plans. four years ago, one of the biggest reasons "the des moines register" gave for endorsing president obama was expanding health insurance coverage to more americans will lessen the threat that illness will bring financial ruin. four years later, health insurance is not mentioned in their editorial endorsing the man who promises to repeal the obama expansion of health insurance that "the des moines register" advocated. another important reason cited four years ago in endorsing president obama was the supremely important reason of supreme court justices. obama promises to appoint justices with an expansive view of constitutional rights and equal justice. mccain's appointments more likely would continu

, the fiscal cliffs. when we get a solid policies that's predictable the economy grows. and when we have tax reform we get tax rate downs that estimate-- stimulates incentives to hire people t really is basic economics. that why this is tragic. applying basic economie economies-- economics we could do a lot better. >> brown: austan goolsbee, dow want to comment on what the president you work for has done. >> i will just say is we can agree on the basic economics but i think professor taylor has his history a little backward on that. in the 1990s bill clinton raised exactly the high income tax rates that barack obama wants to return the rates to. and the 2000s which he did not mention when george bush followed the policies very similar to what mitt romney is proposing, they actually added more than 1 million fewer private sector jobs if george bush's first term than president obama has under his first term so i really do not think that the basic economics or the history says that just going back to deregulation and high rate-- high income rate cuts is the thing that leads to growth. >> brown:

... would cost our economy. newspapers called it "economically destructive." like allen's votes to give tax breaks to companies... that ship jobs overseas, his economic plan would... help big corporations, devastating the middle class. allen even voted against tax breaks for small businesses. virginia can't afford to go back to george allen. the democratic senatorial campaign committee... is responsible for the content of this advertising. we were told to build a 30-foot stage. gathered the guys and we built that 30-foot stage, not knowing what it was for. just days later, all three shifts were told to assemble in the warehouse. a group of people walked out on that stage and told us that the plant is now closed and all of you are fired... i looked both ways, i looked at the crowd, and...we all just lost our jobs. we don't have an income. mitt romney made over 100 million dollars by shutting down our plant and devastated our lives. turns out that when we built that stage, it was like building my own coffin, and it just made me sick. [ male announcer ] priorities usa action is responsible for

of the uncertainty. tax policy, if you talk to any tax expert, really what you need are not temporary tax cuts, because no investor, no businessperson makes decisions based on the next few months, but you need a permanency and certainty. >> we will have certainty no matter what, though, right? when we get through the election, hopefully we have an answer to the fiscal cliff no matter what happens. >> i've actually full confidence if mitt romney gets elected and what i can't understand is anybody who thinks that the president, who said no to bowles-simpson, did nothing vis-a-vis the fiscal cliff, asked for a clean bill attached to the debt ceiling, how anybody thinks he can show some leadership and get that done when he's had four years to do it, i don't understand the logic. >> and he was the man that actually authorized and pushes bowles-simpson and then did nothing with it. >> you don't see romney embracing bowles-simpson at the moment either? >> i don't think he's embracing that but i think something similar to bowles-simpson. >> we'll talk more about this. julian and emil will be with us f

this as their friends and encourage them and support them, and by the way, we can't tax them to death. i was with a business person in st. louis, four employees in the electronics business. he said that he and his son calculated how much money they send to the government every year out of their business and he put down how much for the federal income tax and the federal payroll tax and the state income tax and real estate tax and gasoline tax. and it was over half of what they made. and he said, think about this. you start a business, your chance of success is not even as good as 50-50. most small businesses won't make it so it's a risky thing to do. then if you're successful the government wants more than half of what you make and so a lot of people decide not to build businesses. today we are at the lowest level of new business start ups in 30 years. i want to change this dynamic and make business recognize they have a friend in washington, not a foe. and i believe if we do that, we do those five things and get those five done we are going to create 12 million new jobs and more take ho

with the one on the card. >>> supporters of the governor's tax measure are targeting bay area drivers right now. they are showing banners on freeway overpasses. proper 30 would raise sales taxes by a quarter cents and race income taxes on those who earn more than $250,000 a year. if it fails it could trying billions of dollars in education cuts. >> a new field poll suggests support is slipping for both proposition 30 and a competing measure. 48% of likely california voters say they will vote yes on 30. that is down from 54% in july. 38% say they will vote no and 14% say they are undecided. a poll shows support for the alternative measure, proposition 38 now is at 34%. that's down from 46% in july and 49% say they will vote no. 17% say they are undecided. >> we have cold weather coming back and that means the start of winter spare the area alert. over the next four months, officials will issue alerts about burning wood when weather conditions cause concern about air pollution. they say wood smoke is the biggest source of air pollution. 15 spare the area alerts were issued last winter. >>> new

. [ unintelligible ] >>> one week until a bay area city decides whether to place a new tax on so the meeting to make sure both sides are heard. >>> here's downtown san francisco, ferry building still glowing in orange easy to see as the fog is starting to move around. tomorrow parade starts around 10 when people start to gather partly sunny 11:0061. 62 noon mild and brighter sunshine 67 by then. right now you can see it is clear here as far as the radar dry also still have dense fog advisory until 9:00 specifically for north bay valleys, san francisco and peninsula, the east bay shore and east bay valleys are starting to see some of that fog leak in many rain in the north bay tomorrow for trick-or-treating rain will hang around through thursday's morning commute sunshine and drier weather friday. >>>ly shot of the bay bridge toll, metering lights on backed towards the overcrossing, sluggish traffic upper deck headed into san francisco. bart running on time now. muni experiencing delays on the n judah line, mechanical problems outbound train switching back at 19th, shuttles in place, no other problem

for it. now we've got the government. your tax dollars paying for a company that would end up making a profit when you were hurting. that just -- it is wrong. >> absolutely. ultimately, this company isn't going to provide the best possible service to the refugees. that will be obvious the first catastrophe after they would come into existence is that it would be an absolute disaster because they wouldn't want to spend the money. they don't want to. they're not in the business of losing money. >> jennifer: right. so yesterday former fema director michael brown criticized president obama for responding to sandy too quickly. this is brownie having done a heck of a job. today, abc news political correspondent jonathan karl tweeted this picture of people holding up cans next to a shirt that says -- at the romney relief rally next to a shirt that says obama you're fired. obama, you're fired and here are your cans. it makes us wonder do you think -- maybe not mitt romney but some in his crew might be politicizing th

to our website naca.com, proof of income, last two years of taxes most important. visit our website and they will give you a list of the required documents. >> reporter: it is call the american dream tour, -- it is called the american dream tour. more than have who come to these gatherings walk away with a better deal saving maybe more than $1,000 per month on their loan. today through monday 8 a.m. to 8 p.m.. terry mcsweeney, abc7 news. >>> this morning oakland police say an attempted robbery may have led to the shooting death of a man in a cell phone store last night. detectives say a man was shot at the metropc store at the 9200 block of international boulevard the victim's identity has not been released. >>> teenager accused of stealing a tv celebrity chef's lamborghini and shooting at two people set to face rean lanement today. a judge ruled there is enough -- evidence against max wade and ordered him to tan trial on various charges. police say he stole chef fieri's car so he could impress a girl after she rejected him he's accused of shooting at a car in mill valley with the g

it "economically destructive." like allen's votes to give tax breaks to companies... that ship jobs overseas, his economic plan would... help big corporations, devastating the middle class. allen even voted against tax breaks for small businesses. virginia can't afford to go back to george allen. the democratic senatorial campaign committee... is responsible for the content of this advertising. when we think no one is looking. is what we do... mitt romney: believe that they are victims. anncr: mitt romney thought no one was looking when... he attacked forty-seven percent of americans. his companies shipped jobs overseas. his plan cuts millionaires' taxes, but raises yours. he'll voucherize medicare... and make catastrophic cuts to education. so remember what romney said... and what his plan would do. president obama: i'm barack obama and... i approve this message. >>> in northwest d.c., as in much of our area, the big concern seems to be the toppled trees out there, look at that. the rain soaked ground is unstable forcing many of them to come crashing down, roots and all. megan mcgrath is live in

millionaires' taxes, but raises yours. he'll voucherize medicare... and make catastrophic cuts to education. so remember what romney said... and what his plan would do. president obama: i'm barack obama and... i approve this message. >>> take a look at this. this is one way you could try to cross a border. the problem is, it didn't work for these folks. two men trying to enter the u.s. illegally got stuck on the fence. as you can see, the makeshift ramp they made did not work. the two men inside fled back into mexico with everything in the car. when border patrol agents approached. >> i guess they didn't get the car down. >> now, this is halloween. in light of sandy, many communities have had to change their plans. activities like trick or treating have been postponed or canceled. we have a list of those as well as a way to announce neighborhoods changes at www.nbcwashington.com. there are, though, plenty of festivities going on as planned. police expect the usual heavy flow of pedestrian traffic through georgetown. there are a number of traffic restrictions. tonight, many busy georgetown stree

early. here are the ones that came up. >> number six, if you vote early you don't have to pay taxes. >> looking to mingle? find that special someone in the early voting run. >> the number one thing about voting early, ladies and gentlemen. >> honest, don't you want this election over with already? wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. >>> we think today is the day that president obama and governor romney will come closest to each other before election day. they'll be about 100 miles apart on the campaign trail in ohio. the president is trying to make up for lost time scheduling three stops in ohio over the next six hours. msnbc's chris jansing is live for us today at the first stop in hilliard, ohio. and, chris, i believe you're an ohio native so -- >> i am. >> if i'm not mista

authorities have signed an executive order that weighs state requirements fuel tankers register and pay a tax before unloading, that's supposed to expedite things and the obama administration has issued a temporary blanket waiver on the jones act which will allow additional oil tankers coming from the gulf of mexico to enter the ports up here. recall this was a big deal during katrina. the jones act requires all vessels carrying products between u.s. ports to fly under the u.s. flag, be built in the u.s., and be crude mostly be u.s. citizens the fact they're waiving that will hopefully expedite more fuel in here. what are they doing on the ground? trying to get the power to restored to gas stations that don't have power. you can't pump gas if you don't have power. power is restored to the terminals to get the fuel, of course, on to the trucks. that's a priority. now, there are trucks moving and there is gas here. the issue are those other two issues really kind of slowing things down and then by the way, we still have some of these huge massive refineries taken off-line trying to get them up

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